Executive Summary

In 2014, Norwest partnered with Kendra Scott to help scale her namesake jewelry brand from a fast-growing regional favorite into a nationally recognized lifestyle company. With Norwest’s minority investment, strategic guidance, and retail expertise, Kendra Scott expanded from 12 to more than 130 stores in ten years while improving operational efficiency and e-commerce performance. The partnership delivered an ~8x increase in shareholder value and a recapitalization by Berkshire Partners that provided founder liquidity while preserving Kendra Scott’s leadership and long-term vision for the brand.

When Kendra Scott started making jewelry from her home in Austin, Texas with just $500, she couldn’t have predicted that her passion project would become one of America’s most beloved fashion brands. By 2014, Kendra Scott Design, Inc. had evolved into a thriving designer and manufacturer of jewelry and lifestyle products sold in more than 100 stores, online, and through major retailers.

As the company entered its next stage of growth, Kendra sought a strategic partner who could help expand her vision without compromising her values or control. Among several options, she chose Norwest for its “invited guest” approach, deep retail expertise, and proven record of helping founders build enduring, valuable brands.

At the time of the investment, Kendra said: “Leveraging Norwest’s strategic resources and experience in fashion, retail and e-commerce will accelerate our growth efforts across the board, and the firm’s commitment to our vision will make a tremendous impact. I feel blessed every day that we found Norwest.”

Partnering for Purposeful Growth

Kendra Scott partnered with Norwest in July 2014, when the firm took a minority position, providing liquidity for Kendra and growth capital for an ambitious retail expansion. For Kendra, the partnership was as much about shared values as it was about financial resources.

Norwest’s team brought a philosophy rooted in collaboration and trust — helping founders maintain their culture while empowering their potential.

This “invited guest” approach aligned perfectly with Kendra’s desire to grow her company while staying true to the community-driven spirit that defined her namesake brand.

Partnership in Action

From the start, Norwest served as a trusted advisor across strategy, operations, and talent. The partnership extended well beyond capital, focusing on helping the business build for long-term success.

Strategic Guidance: Norwest advised on key strategic decisions such as category expansion, retail rollout cadence, financing, and recruiting, providing perspective from years of experience with high-growth retail brands.

Recruiting & Talent: Through Norwest’s network, Kendra Scott brought on Tom Nolan, former SVP at Ralph Lauren, as a board member, who would later become CEO. Norwest also connected the company with a leading e-commerce consultant and strategic advisor to strengthen its digital infrastructure and supported the recruitment of a Chief Digital Officer.

Operational Optimization: Norwest helped the company materially reduce shipping costs while improving efficiency and introduced multiple e-commerce service providers and vendors. In people operations, the firm worked with Kendra Scott’s leadership to identify best practices for employee benefits and insurance programs to reinforce a people-first culture that could scale sustainably.

Business Development: Norwest facilitated introductions to multiple e-commerce service providers and vendors, broadening the company’s access to strategic partners and tools that would fuel growth.

Expanding a Beloved Brand

With a clear growth strategy and strong operational foundation, Kendra Scott embarked on a national retail rollout.

The company’s expansion began with flagship stores in Austin and Dallas — close to its core customer base, where brand familiarity was strongest. Early success validated the brand’s ability to deliver an immersive in-store experience that blended design, community, and personalization.

As Kendra and her team refined their playbook, leveraging analytics for real estate selection and adopting event-based marketing strategies, they rapidly scaled across the U.S. By 2024, ten years after Norwest’s initial investment, Kendra Scott had grown from 12 to more than 130 retail locations nationwide.

Each new store not only increased brand visibility but also drove growth in wholesale and e-commerce channels, reinforcing the power of a well-executed omnichannel strategy.

Outcomes

The partnership between Kendra Scott and Norwest generated extraordinary results:

• Profitably grew Kendra Scott Design retail stores 10x in four years
• Enhanced efficiency in e-commerce and shipping operations
• Expanded retail footprint from 12 to 130 stores in ten years
• Recapitalization by Berkshire Partners provided founder liquidity while she retained managerial control